Foundations of Post-Keynesian Economic AnalysisThis innovative book demonstrates that it is possible to construct a coherent alternative to neoclassical economics based on the contributions of post Keynesian and Kaleckian economists. It identifies elements from the non-orthodox traditions, in particular from the neo-Ricardian school, that can be welded into a convincing alternative theoretical framework. The building blocks of this synthesis are the non-neo-classical microeconomic foundations of the theory of choice and of the firm. By emphasizing the consequences of a world characterized by true uncertainty and oligopolistic dominance, Marc Lavoie extends short-period paradoxes to the analysis of the long period, and bases these macroeconomic results on microeconomic foundations. |
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Page 174
... base money is the dependent variable . H = dC ( 4.8 ) Assuming away bank equity , when the financial system is such that commercial banks own no assets besides loans made to firms , the out- standing amount of loans is exactly equal to ...
... base money is the dependent variable . H = dC ( 4.8 ) Assuming away bank equity , when the financial system is such that commercial banks own no assets besides loans made to firms , the out- standing amount of loans is exactly equal to ...
Page 204
... base money . One should then expect the velocity function of money or that of base money to be stable or slowly shifting , since there will be little incentive to introduce circumventing financial innovations . Indeed the earlier ...
... base money . One should then expect the velocity function of money or that of base money to be stable or slowly shifting , since there will be little incentive to introduce circumventing financial innovations . Indeed the earlier ...
Page 210
... base money as well as that of narrowly defined money . While we have shown that in the short run the central bank ends up providing the amount of base money which the banks and the general public require , in the long run restrictive ...
... base money as well as that of narrowly defined money . While we have shown that in the short run the central bank ends up providing the amount of base money which the banks and the general public require , in the long run restrictive ...
Contents
Credit and Money | 153 |
Effective Demand and Employment | 217 |
Accumulation and Capacity | 282 |
Copyright | |
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Common terms and phrases
actual rate aggregate demand analysis assumed base money behaviour borrow Cambridge capacity utilization capital central bank changes Chapter commercial banks consumers consumption cost-plus pricing deposits economists effective demand effective demand curve Eichner employment endogenous equal equation equilibrium exogenous Figure firms full capacity given higher rate households impact income increase induce interest rates investment function Kaldor Kalecki Kaleckian model Keynes liquidity preference loans long run macroeconomic margin of profit marginal costs needs neo-Ricardian neoclassical economics neoclassical theory normal rate overhead labour paradox of thrift parameters positive Post Keynesian Economics post-classical post-Keynesian post-Keynesian theory procedural rationality profits cost curve propensity to save rate of accumulation rate of capacity rate of growth rate of interest rate of profit rate of return rate of utilization ratio real wage rate reserves result Robinson sector share of profits standard rate target target-return pricing technical progress tion uncertainty utilization of capacity workers